VAMC reduces interest rate of bad debts

VAMC reduces interest rate of bad debts

Vietnam Asset Management Company (VAMC) has announced an interest rate reduction to bad debts.

The interest rate will fall to 10.7 percent per year for VND, 5.2 percent for USD and 5.7 percent for EUR from April 15 to June 30.

To qualify for the interest reduction, customers must have good credit with VAMC and have feasible payment plans or projects.

VAMC bought nearly VND39 trillion (US$1.85 billion) bad bonds in 2013. The company continued to purchase VND3.93 trillion (US$186.63 million) extra in the first quarter of 2014.

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